Ethereum daily transactions are 100% up from its low in January 2020
Ethereum daily transactions increased by 112% from its lows in January, after the coronavirus fallout. The increase in volume has also increased the size of the ecosystem with Compound’s Finance, COMP token trading at billion-dollar valuation. The increase in daily transaction volume denotes that the ecosystem has recovered from its lows in January and is heading towards an uptrend. This is going to reflect positively on ethereum’s price.
The increase in the number of daily transactions, is evidence of the increase decentralized applications and staking activities related to ethereum ecosystem.
The price of Ethereum is relatively stable right now and has made a recovery. Ethereum is still down from its previous heights but a turnout is soon expected. The focus was on Bitcoin due to halving but as the Ethereum 2.0 upgrade comes near, the attention is set to shift towards Ethereum and its price.
Ethereum Unique Address at All-Time High
Ethereum unique address crossed the 100 million mark and is at an all-time high. The total count of unique addresses increased from 84 million to 102 million in June 2020, more than an 18% increase in the address. The price and scale of the ecosystem are set to become larger as we move forward in July.
Ethereum Price Consolidating
The total market cap is finally over the 2018 level for support again. That support level can be classified as the support for Bitcoins at $6,000. The price of BTC saw many evicts at that level in 2018 before the big crash occurred.
It is said that the total market cap falls behind, as the price of Bitcoin is currently at $9,600, which is 60% higher than this support. Conclusion: Altcoins are lagging.
- The Upward Targets For Eth Price
- The first major target was $250-$252.
- The second major target is $280-$290. The third major target is $320-$340.
The primary indicator would be whether Ether remains above the moving average, as these are significant indicators for bull or bear momentum.
BTC pair needs to show some strength; the price of Ether in the BTC pair is still floating in the range between 0.018 and 0.0275 stats.
Although, the support at 0.021 stats is confirming support for a second time. But here, what would traders and investors ideally want to see? A new higher high. But Since September 2019, the BTC pair of Ether shows higher lows. But, No higher highs have been made.
Confirmed support at 0.021 stats is therefore needed to justify further momentum. The Next step would be a clear move towards 0.024 stats and a step- forward. They say, if this really happens, the new higher high above 0.0273 stats will be the next target.
Read about Smart Contracts: Here.
Read about Supply Chain Management.
Read about Tokenization.
Read about Bonds Issuance on Ethereum: Here.
Charu Bhatia is currently pursuing PGDM in International business, her article as “Young Entrepreneur” was published in Afsti Magazine. She has worked with welfarenews.com as a content writer. Her hobby is to make chocolates and she loves to read Quotes and Fiction stories.
She admires one quote a lot that says
“You can always edit a bad page. You can’t edit a blank page.”